AAP

February 25 2013, 8:35PM

Ms Namblard denies any wrongdoing in relation to the investigation into the privatisation of Siena airport, but was stepping down in the best interests of Qantas and herself while it continued.

"Ms Namblard was especially concerned to ensure that the continuing media focus on the current Italian proceedings did not distract Qantas from implementing its strategic imperatives nor detract from the achievements that Qantas has had in meeting the challenges to its business," Qantas chairman Leigh Clifford said in a statement on Monday.

"The Qantas board appreciates those sentiments.

"It is also apt to note that Ms Namblard strenuously denies any wrongdoing in relation to the matters which are the subject of the Italian proceedings, and the Qantas Board has no reason whatsoever to doubt that position."

Ms Namblard, a French financier who joined the Qantas board in 2011, has been questioned in Italy as part of an investigation into alleged bid rigging and the Tuscan Monte dei Paschi di Seina bank.

She reportedly was asked to by Italian investigators to provide evidence about her involvement in the privatisation of Siena airport in 2007.

She was chief executive of Galaxy Fund, the winning bidder, at the time.